Saturday, December 25, 2010

The "Age Wave" is about to hit retirement. Baby boomers, from the very beginning, have changed the world as they hit various stages of life. Some describe this as sort of like the bump a pig makes as it is being swallowed by a python.

We saw this Age Wave prompt the building of hospitals, baby food, elementary schools, and sports shoes. Nearly everything you can think of has been touched by the expanding demand of the baby boomer age wave.

In just a few days, the first baby boomers will turn 65, the traditional retirement age. Many things about how baby boomers think will make a mark on retirement as well. According to this research by the Pew Research Center, one week from today baby boomers will start turning 65 at the rate of 10,000 a day for the next 19 years.

Answers to questions in this study point us to some of the changes we can expect in the future. Baby boomers don't think 65 is old. Baby boomers want to have more control of their lives. These are some of the factors already pointing to the emerging trend of baby boomers quitting their "day jobs" and becoming entrepreneurs. This is resulting from a desire to have a change from traditional retirement.

If you are a baby boomer, if you are someone who wants to sell to baby boomers, you may want to read this report. It is likely to point you to needs that will have to be filled over the next two decades. Filling needs is the sweet spot in life for entrepreneurs. You might even be inspired to join the baby boomer entrepreneurs.

Tuesday, December 14, 2010

I met someone last week at one of my regular networking groups. When he explained what he did I advised him that the group may not be great for him and his business. He sold cosmetics and the group was made up of professionals and providers of business services.

He said, rightly, that everyone there either used or knew people that used the types of products he sold. I said that was true, but they were all there because they shared the same target market. They were not selling directly to consumers of domestic products so the best network for him would be with others selling directly to the same domestic consumers.

Successful networking is all about building relationships with the right people. A good place to start when selecting a networking group is to find one where the other members sell to the same target market as you.

Thursday, December 9, 2010

At a dinner party a couple of weeks ago one of the other guests asked me what I do. I used the phrase 'Business Networking Group' in my reply and she said, "What's a Business Networking Group?"

I was a little thrown at first, but realised I shouldn't be. I think we often assume that everyone knows more about whatever it is we do than they actually do. I met someone on a Referral Institute training course yesterday who had once written technical manuals. He said that the instructions included the advice to write so that an 8 year old can understand.

Wikipedia describes Business Networking as 'a socioeconomic activity by which groups of like-minded businesspeople recognize, create, or act upon business opportunities. A business network is a type of social network whose reason for existing is business activity'.

I realised that I needed to explain a little bit more.

I explained that there are now many more people running their own business than ever before. Many of them are specialists in what they do and do not have any marketing or sales people. They rely on personal recommendation or word of mouth for their business. Their main problem is that they need more of these opportunities than they currently have. Many of the older business support services in the public and private sector do not really help these business people with generating positive word of mouth.

Any group exists because the members share and are committed to a common cause. The common cause for the members of a business networking group will usually be helping each other in business. This may be around sharing business, support and information (or all 3). It is mainly the need to generate more business by recommendation that has lead to the growth in the market of specialist business networking groups.

A business networking group is a club where the common cause is helping each other become more successful in business.

The most important thing in an effective business networking group is that the members don't just share the same needs. They must be in a position to really help each other. That will often mean that the members share similar target markets and provide similar value services. Success is then down to the commitment and contribution they make.